German real estate investor Commerz Real signed the deed for the purchase of De West development in Amsterdam from Dutch project developer Fortress. Once completed in the latter part of this year, the 11,000 m[sup]2[/sup] multi-functional office property will be added to the portfolio of the Euro Property 1 institutional real estate fund. The transaction volume of the transaction was EUR 37mln.
German real estate investor Commerz Real signed the deed for the purchase of De West development in Amsterdam from Dutch project developer Fortress. Once completed in the latter part of this year, the 11,000 m2 multi-functional office property will be added to the portfolio of the Euro Property 1 institutional real estate fund. The transaction volume of the transaction was EUR 37mln.
The property is located in the Teleport-Sloterdijk office district in Amsterdam, which is one of the city's largest and most important office locations as it extends over a total area of about 700,000 m2. Amsterdam's Schiphol Airport is just a 15-minute drive away.
'The significance of Amsterdam as a global trading and handling place encouraged us in our intention to expand our commitment here, at this key European location for international corporations. Especially because the market is characterised by stable rents with price increase potential, apart from everything else,' said Hans-Joachim Kühl, the Commerz Real board member in charge of real estate acquisitions.
Commerz Real AG, a fully-owned Commerzbank AG subsidiary, was created by the merger of Commerz Grundbesitz Gruppe and CommerzLeasing und Immobilien AG. With EUR 44bn billion in assets under management, the merger created one of the world’s largest property asset managers and providers of leasing and investment solutions.
